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Point Piper couple tied up as gunmen ransack mansion

Kate McClymont

The Point Piper mansion where Salvatore Paino and his female friend were robbed at gunpoint. Billionaire Frank Lowy's house is next door with the tennis court on the roof. Photo: Robert Pearce

Police are doorknocking one of Sydney's most exclusive streets after an 83-year-old man - the next-door neighbour of billionaire Westfield boss Frank Lowy - was tied up and threatened with a gun while armed intruders ransacked his Point Piper mansion overnight.

Salvatore Paino was with his 38-year-old female friend in the waterfront address on Wolseley Road when they were awoken about 1.55am by two man wearing dark clothes and balaclavas.

One was carrying what police described as a "shortened firearm" while the other was wielding a knife.

Inspector Chevonne Greene from Rose Bay police said after the couple awoke, the intruders tied up Mr Paino and the woman and demanded they open the house's safe.

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They took several items and then untied the woman so she could attend to Mr Paino, who has an unspecified medical condition, before leaving.

Police and ambulance officers were called to the waterfront address at 2.32am.

Inspector Greene said they did not know how long the intruders had been in the house before the couple awoke, but there was nothing to suggest they had been specifically targeted.

She said Mr Paino was "still fairly shaken" and police were hoping to get more information from him by the end of the day.

Police and forensic experts are continuing to examine the house and are also interviewing neighbours on the exclusive street, which houses some of Australia's most expensive real estate.

They have also knocked on the door of Mr Lowy's house, which is next door to the property that was targeted by the gunmen.

Police are appealing for anyone who noticed anything suspicious in the area to contact Crime Stoppers on 1800 333 000.